What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2025-06-30 compared with 2024-06-28 · 159 added, 114 removed, 493 unchanged (36% of the section changed)

12 unchanged sentences

(the Company) as of March 31, 2025 and 2024, and the related statements

of operations, stockholders’ equity, and cash flows for each of the years in the two-year period ended March

31, 2024, and the related notes (collectively referred to as the financial statements).

In our opinion, the financial statements present

fairly, in all material respects, the financial position of the Company as of March 31, 2024 and 2023, and the results of its operations

and its cash flows for each of the years in the two-year period ended March 31, 2024, in conformity with accounting principles generally

accepted in the United States of America.

of operations, stockholders’ equity, and cash flows for each of the years in the two-year period ended March 31, 2025, and the

related notes (collectively referred to as the financial statements).

In our opinion, the financial statements present fairly, in all

material respects, the financial position of the Company as of March 31, 2025 and 2024 and the results of its operations and its cash

flows for each of the years in the two-year period ended March 31, 2025, in conformity with accounting principles generally accepted

in the United States of America.

financial statements are the responsibility of the Company’s management.

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740 Income Taxes discusses the considerations for valuing deferred tax assets.

The Company had significant net operating losses (NOLs),

which arose due to historical losses, and resulted in deferred tax assets that were fully allowed against.

During the current year, the

Company determined that it is more likely than not that the deferred tax asset would be fully realized due to current earnings trends.

The Company uses judgment in order to determine whether or not an allowance is needed.

Because reversing the allowance directly affects

net income, we considered this a significant estimate that involved subjective judgments made by management.

The Company has significant net operating losses (NOLs)

resulting in the recognition of a significant deferred tax asset.

The Company has determined that the asset will be fully realized based

on current earnings trends.

The Company uses judgment in order to determine whether an allowance is needed.

We considered this a significant

estimate that involved subjective judgments made by management.

We Addressed it During Our Audit

reviewed ASC 740 Income Taxes in order to understand the guidance surrounding the valuation of deferred tax assets.

We obtained a memo

from the Company that included the assumptions used in their evaluation and estimate.

We tested the assumptions used and reviewed the

Company’s tax provision prepared by a 3rd party accountant.

/s/ Haynie & Company

Lake City, Utah

tested management’s determination and calculations of their tax provision and deferred taxes, to ensure they were recorded in accordance

with ASC 740 Income Taxes.

Haynie & Company

Salt Lake City, Utah

June 30, 2025

We have served as the Company’s auditor since 2019.

EDVENTURES!, INC.

March 31, 2025

March 31, 2024

CURRENT ASSETS

Accounts receivable, net of allowance for doubtful accounts of $ 34,204 and $ 18,469 , respectively

Accounts receivable, net of allowance for credit losses of $ 38,027 and $ 34,204 , respectively

Accounts receivable, other receivables

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OTHER INCOME AND EXPENSES

Net Interest income (expense)

Net Interest income

Loss on lease modification

1 unchanged sentence

NET INCOME BEFORE INCOME TAX PROVISION

Income Tax Benefit

Income Tax Benefit (Provision)

Net income per common share:

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of Stockholders’ Equity

# of Common Shares O/S

Additional Paid-in Capital

Stockholders’

Stockholders’ Equity

Balance at 3/31/2023

$ ( 37,355,830 )

Shares Issued (exercise of warrants)

Option expense

Shares Redeemed

Balance at 3/31/2024

2 unchanged sentences

Shares Redeemed

( 2,543,731 )

Balance at 3/31/2025

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CASH FLOWS FROM OPERATING ACTIVITIES

Stock based compensation

Depreciation and amortization

Amortization of right of use asset

Deferred tax benefit

( 1,529,793 )

Provision for income tax

( 1,529,793 )

4 unchanged sentences

(Increase) decrease in inventories

(Increase) decrease in other current assets

(Decrease) increase in accounts payable and accrued liabilities

1 unchanged sentence

Increase (decrease) in unearned revenue

(Increase) decrease in deposits

Net Cash Provided by Operating Activities

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Common stock repurchased and cancelled

Principal payments on debt

( 1,493,327 )

Proceeds from sale of stock

Net Cash Used by Financing Activities

( 1,463,327 )

Net Increase (Decrease) in Cash

Net Increase in Cash

Cash at Beginning of Period

2 unchanged sentences

Cash paid for interest

Non Cash Investing and Financing Transactions:

Right of use assets obtained in exchange for new operating lease liabilities

accompanying notes are an integral part of these financial statements.

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has developed and sells a variety of STEM education products into the K12 market, which can be categorized as follows:

Enrichment Programs

camps are for the informal learning market and are designed to be highly engaging for students while easily administered by the instructor.

The Company offers approximately 36 different enrichment programs and typically develops at least two (2) new programs each year.

the more popular programs include Rockin’ Robots;

of the more popular programs include Rockin’ Robots;

Ready, Set, Drone!;

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and Claymation.

Series Products

Discover Series Products

products are designed for the makerspace environment and include engaging STEM activities that motivate students to pursue educational

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and Discover Digital Video

BrickLAB Products

products are designed for the grade school market and use the Company’s proprietary bricks (which are Lego compatible) and curriculum

1 unchanged sentence

The Company offers a variety of grade-specific BrickLAB

Drones, Add-on Drone Packages and Ala Carte Drone Items

Discover Drones, Add-on

Drone Packages and Ala Carte Drone Items

products are designed around using drones as a platform for STEM education and career exploration.

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and all the spare parts and ala carte drone items offered in the Company’s comprehensive drone packages.

STEAMventures

BUILD Activity Book

series of activity books are designed for the K-3 market.

STEAMventures BUILD Activity

series of activity books are designed for the TK-3 market.

The series includes 12 different issues.

2 unchanged sentences

The Company also provides the necessary bricks for the builds in the activity books as a separate, but related product.

Development Training

Professional Development

Company offers professional development trainings, for a fee, to educators who are implementing the Company’s products in their

1 unchanged sentence

Company’s financial statements are prepared using the accrual method of accounting.

The Company has elected a March 31 fiscal year

The Company has elected a March 31 st

fiscal year end.

and Cash Equivalents

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losses which, when realized, have been within the range of management’s expectations.

An allowance for doubtful accounts is recorded

An allowance for credit losses is recorded

to account for potential bad debts.

Estimates are used in determining the allowance for doubtful accounts and are based upon an assessment

Estimates are used in determining the allowance for credit losses and are based upon an assessment

of selected accounts, historic averages, and as a percentage of remaining accounts receivable by aging category.

2 unchanged sentences

The Company generally does not require collateral from its customers.

The Company has established an allowance for doubtful

accounts of $ 34,204 as of March 31, 2024, and $ 18,469 as of March 31, 2023.

following Table shows the Company’s concentration of credit risk.

The Company has established an allowance for credit losses

of $ 38,027 as of March 31, 2025, and $ 34,204 as of March 31, 2024.

following Table shows the Company’s concentration of credit risk, sorted by accounts receivable as of March 31, 2025, and 2024.

OF CONCENTRATION OF CREDIT RISK

following Table shows the Company’s concentration of credit risk, sorted by revenue for fiscal years 2025 and 2024.

Concentration

of Credit Risk of Cash Deposits

have three (3) operating accounts at two (2) different banks.

We have a checking and depository account at one bank and a checking account

at another bank.

From time to time, cash balances in these accounts exceed the $ 250,000 FDIC insurance limit.

However, these instances

occur infrequently as we strive to maintain balances below the $ 250,000 limit in each of these accounts.

We also have a Vanguard money

market account where we invest our cash assets that are in excess of our working capital needs.

The Vanguard money market account is

not subject to FDIC insurance and invests exclusively in repurchase agreements and short-term U.S.

government securities.

goods inventory is composed of items produced in-house, as well as items from outside suppliers.

These items include, but are not limited

to, Fischertechnik® manipulatives, Brick manipulatives, drone components, digital media equipment, furniture units, curriculum, and

other miscellaneous items used in our various labs.

Our inventory is carried at the lower of cost or market and valued using the average

cost method for each item.

to, Fischertechnik® manipulatives, Brick manipulatives, drone components, robotics components, furniture units, curriculum, and other

miscellaneous items used in our various labs.

Our inventory is carried at the lower of cost or net realizable value and valued using

the average cost method for each item.

indicators of inventory impairment exist, the Company measures the carrying value of the inventory against its market value, and if the

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and equipment of $ 97,213 as of March 31, 2025.

As of March 31, 2023, property and equipment was $ 31,533 , net of $ 6,790 in depreciation.

As of March 31, 2024, property and equipment was $ 43,739 , which was net of $ 18,280 in

depreciation recognized.

has been fully depreciated as of March 31, 2025, and March 31, 2024.

10 unchanged sentences

on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date.

November 2015, the Financial Accounting Standards Board issued ASU No.

2015-17, “Income Taxes (Topic 740)-Balance Sheet Classification

of Deferred Taxes” (ASU 2015-17), which requires reporting the net amount of deferred tax assets and liabilities as a single noncurrent

item on the classified balance sheet.

Before this change, the net amounts of current and noncurrent deferred tax assets and liabilities

were reported separately.

November 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No.

2015-17, “Income Taxes (Topic 740)-Balance

Sheet Classification of Deferred Taxes” (ASU 2015-17), which requires reporting the net amount of deferred tax assets and liabilities

as a single noncurrent item on the classified balance sheet.

Before this change, the net amounts of current and noncurrent deferred tax

assets and liabilities were reported separately.

account for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”).

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OF INCOME TAX EXAMINATION

Fiscal Year End

Company accounts for revenue in accordance with FASB ASC 606, Revenue from Contracts with Customers , which we adopted on April

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costs on a straight-line basis over the requisite service period, which is generally the vesting period of the award.

fiscal year 2024, no performance options were issued or exercised.

During fiscal year 2023, two sets of performance options were exercised.

Bledsoe, President, exercised 1,000,000 options at $ 0.025 per share;

and Michelle Fisher, Director of STEM Curriculum, exercised

250,000 options at $ 0.02 per share.

fiscal years 2025 and 2024, no performance options were issued or exercised.

of March 31, 2025, and March 31, 2024, the Company had no outstanding warrants or options.

5 unchanged sentences

operates as one (1) business segment.

Adopted Accounting Pronouncements

in fiscal year 2025 annual reporting, we adopted Accounting Standards Update (ASU) No.

2023-07, Segment Reporting (Topic 280):

to Reportable Segment Disclosures (ASU 2023-07) that was issued by the FASB.

This new standard requires an enhanced disclosure of significant

segment expenses on an annual basis.

Segments and Related Disclosures

manage our Company as one (1) reportable operating segment, STEM Supplies and Curriculum.

The segment information aligns with how the

Company’s Chief Operating Decision Maker (“CODM”) reviews and manages our business.

The Company’s CODM is the

Company’s President.

information and annual operating plans and forecasts are prepared and reviewed by the CODM at a consolidated level.

The CODM assesses

performance for the STEM Supplies and Curriculum segment and decides how to better allocate resources based on net income reported on

the Statements of Operations.

The Company’s objective in making resource allocation decisions is to optimize the financial results.

The accounting policies of our STEM Supplies and Curriculum segment are the same as those described in the summary of significant accounting

policies herein.

single reportable segment-level financial information, total assets, and significant non-cash transactions, see our Financial Statements.

Earnings (Loss) Per Share of Common Stock

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2 – BUSINESS CONDITION

of March 31, 2024, the Company had $ 1.3 million in cash, $ 2.0 million in inventory, $ 0.3 million in prepaid inventory, and $ 1.7 million

in accounts receivable, with no debt.

Management strongly believes that the Company can sustain its operations over the course of the

next 12 months with the cash it has on hand, and with the revenue and associated profit generated from the sales expected over the course

of the next 12 months, especially given the Company’s large cash, inventory, and accounts receivable balances.

of March 31, 2025, the Company had $ 3.2 million in cash, $ 2.1 million in inventory, and $ 0.4 million in accounts receivable, with no

Management strongly believes that the Company can sustain its operations over the course of the next 12 months with the cash it

has on hand, and with the revenue and associated profit generated from the sales expected over the course of the next 12 months, especially

given the Company’s large cash, inventory, and accounts receivable balances.

3 – ACCOUNTS RECEIVABLE

1 unchanged sentence

The Company performs ongoing credit evaluations of its customers.

The Company established an allowance for doubtful accounts

The Company established an allowance for credit losses

of $ 38,027 at March 31, 2025, and $ 34,204 as of March 31, 2024.

1 unchanged sentence

Receivables include receivables due to the Company derived from activities outside of its typical business transactions.

31, 2024, the Company had no other receivables outstanding.

As of March 31, 2023, these other receivables consisted of an Employee Retention

Tax Credit of $ 13,312 , which was ultimately deemed uncollectable by the Company as of September 30, 2023.

31, 2025, the Company had $ 55 of other receivables outstanding.

As of March 31, 2024, the Company had no other receivables outstanding.

5 - PREPAID EXPENSES

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As of March 31, 2024, the total common shares issued and outstanding was 124,733,494 .

the year ended March 31, 2024, the Company had no option expense.

During the year ended March 31, 2023, the Company expensed $ 15,990

related to options granted.

the year ended March 31, 2024, the Company did not issue any shares of common stock.

During the year ended March 31, 2023, the Company

issued 1,250,000 shares of “restricted” Rule 144 common stock related to the exercise of employee performance options.

the year ended March 31, 2024, the Company repurchased 998,985 shares common stock at $ 0.065 per share for total payments of $ 64,933 .

These shares were then immediately cancelled.

No shares were repurchased during the year ended March 31, 2023.

the years ended March 31, 2025, and 2024, the Company had no option expense.

the years ended March 31, 2025, and 2024, the Company did no t issue any shares of common stock.

the year ended March 31, 2025, the Company made the following common stock repurchase transactions:

OF COMMON STOCK REPURCHASE TRANSACTIONS

Total Consideration

shares repurchased were then immediately cancelled.

During the year ended March 31, 2024, the Company repurchased 998,985 shares common

stock at $ 0.065 per share for total payments of $ 64,933 , then cancelled the shares.

Preferred Stock

Company has 20,000,000 authorized shares of preferred stock.

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of less than twelve months are recorded directly to lease expense.

and Warehouse

Company leases one building containing its main office and warehouse space under a non-cancelable lease agreement, which commenced on

March 2, 2016, accounted for as an operating lease expiring March 14, 2020.

On March 3, 2020, a third amendment extended the lease for

19.5 months, expiring October 31, 2021 , at $ 0.60 a square foot.

On September 16, 2021, the Company signed a fourth amendment to the lease

with a monthly rental amount starting at $ 6,800 and escalating by $ 200 per month at the end of each lease year, which is due to expire

on October 31, 2024 .

Building lease expense was $ 110,693 and $ 106,462 for the years ended March 31, 2024, and 2023, respectively.

Company leases a 20,880 square foot warehouse facility located at 1135 N.

Hickory Ave, Suite 130, Meridian, ID 83642, under a non-cancelable

lease agreement, which commenced on October 1, 2024, and expires November 30, 2029 .

The first two (2) payments were deferred.

is accounted for as an operating lease.

Monthly lease rates excluding triple net expenses started at $ 15,660 and increase by 3 % from

the previous amount in the month of December each year.

Company leases a 5,016 square foot office facility located at 941 S.

Industry Way, Meridian, Idaho, 83642 under a non-cancelable lease

agreement, which commenced on October 21, 2024, and expires November 30, 2029 .

The first payment was deferred.

The lease is accounted

for as an operating lease.

Monthly lease rates excluding triple net expenses started at $ 5,225 and increase by 3 % from the previous amount

in the month of December each year.

Company leased a production printer for 63 months commencing on November 3, 2023.

The first three payments were deferred, with the first

payment due February 3, 2024.

Equipment lease expense was $ 43,127 for the year ended March 31, 2024, and $ 31,896 for year ended March

The first three (3) payments were deferred, with the

first payment due February 3, 2024.

Equipment lease expense was $ 57,215 for the year ended March 31, 2025, and $ 43,127 for year ended

March 31, 2024.

of March 31, 2025, accounted for and presented under ASC 842 guidance, the future minimum lease payments on operating leases, were as

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State income tax payable

Production printer accrued expenses

Accrued expenses

11 – INCOME TAXES

the year ended March 31, 2024, the Company fully reversed its valuation allowance recognizing an income tax benefit of $ 1,529,793 .

the year ended March 31, 2023, the Company partially reversed its valuation allowance recognizing an income tax benefit of $ 1,011,466 .

to fiscal year 2023, the Company offset its potential tax benefit from the operating loss carry-forwards with a valuation allowance in

the same amount.

As it became clear that the Company will more likely than not use its tax loss carry-forward amounts, the valuation

allowance was partially removed for the fiscal year ending March 31, 2023, such that the tax benefit recognized by us in fiscal year

2023 was $ 1,011,466 .

The valuation allowance was fully removed as of March 31, 2024, resulting in a tax benefit of $ 1,529,793 for fiscal

Once the valuation allowance was fully removed, a provision for income taxes was disclosed.

For the fiscal year ending March

31, 2025, the Company’s provision for income taxes was ($ 264,398 ).

ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax

42 unchanged sentences

Less valuation allowance

( 2,253,735 )

Net deferred tax assets

5 unchanged sentences

State taxes, net of Federal benefit

Non-taxable income

Change in valuation allowance

( 2,355,877 )

( 1,511,567 )

Income Tax Benefit

( 1,529,793 )

(Income Tax Benefit) Provision

( 1,529,793 )

10 unchanged sentences

Operating loss carryforwards realized

Expiration of operating loss carryforward

Unused operating loss carryforward March 31, 2025

12 - SUBSEQUENT EVENTS

March 17, 2023, Michelle Fisher, our Director of Curriculum, exercised 250,000 performance options and purchased 250,000 shares of “restricted”

Rule 144 common stock at $ 0.02 per share, for total consideration of $ 5,000 .

In April of 2024, Ms.

Fisher approached the Company about

selling her shares back to the Company.

On May 7, 2024, an agreement was reached in which the Company will purchase 250,000 shares of

“restricted” Rule 144 stock from Ms.

Fisher at $ 0.195 per share in a private transaction.

This transaction has not yet been

When it is, the Company intends to cancel the purchased shares.

May 21, 2025, the Company purchased 100,000 shares of its common stock on the open market at $ 0.136 in a block trade for a total of $ 13,600 .

On April 10, 2025, the Company issued a press release disclosing that the Board had authorized a share repurchase program to repurchase

up to 10 million shares of its common stock over the next three (3) years.

This purchase was part of that authorized buyback.

intends to continue to repurchase its common stock in the open market from time to time.

When the Company accumulates a significant amount

of its common shares, it intends to obtain those shares in certificate form and have its transfer agent cancel the shares.

May 23, 2025, the Company concluded a private stock repurchase from a shareholder, buying 284,959 shares at $ 0.14 per share, for total

consideration of $ 39,894 .

June 2, 2025, the common stock of the Company began trading on the OTC Markets QB Tier.

Prior to that, it traded on the OTC Markets Pink

Tier (which will become the OTCID on July 1, 2025).

late May and early June, Management began the planning process for having an Annual Shareholders Meeting this year.

Management plans

to have the Meeting on Friday, September 26, 2025.

The time of the meeting has not yet been determined.

Further details will be disclosed

when they become available.

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data